The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-05-26

tile available revenues for the payment {
interest. and to point out to them thu
Whlch addresses itself to their interest, {
well as the interest of the State.
By subsequent joint resolution til
| PRESIDENT of the Senate and Speaker of TIL
House of Delegates were added 10 th
committee.
Immediately after the adjournment c
| the General Assembly on the 9th of April
the joint committee organized for bus
ness, and proceeded to ascertain from TIL
| most reliable sources the exact amount 0
| the public debt and the status of eacl
class OF that debt, the amount of revenue
received into the treasury under the pres
ent rate of taxation. the amount necesSar,
for the support of the government, Thu
maintenance of her educational interests
her eleemosynary institutions, and tht
care of her disabled soldiers and the amount
of revenue which might be made available
for the payment Of interest.
On the Goth of April Sir Edward Thorn
ton, G. G. b., and Mr.. S. N. BraithWaite
presented their credentials from the council
of foreign bOndholders, which duly accred
tied them as a commission Of the said
council.
BY the authority granted the joint COM
mittee by the General Assembly a steno-
grapher was employed. who kept faithful
record of all that was said on either side.
Your committee desire to express their
profound regret that they have been unable
to secure settlement of the debt of the
State upon terms which would be satisfac-
tory to both the State and her creditors.
Each member of the committee. animated
by earnest desire to reach such result,
seemed willing to lay aside all proposes
sionsand prejndices, to consider carefully
all propositions submitted and to determ-
inc every question uporits merits.
But anxious as the committee were to
settle forever this veXatious matter, they
were not willing to do so at the sacrifice of
our educational interests, the gripping of
our eleemosynary institutions, and the
neglect of our disabled soldiers, which the
acceptance of the propositions submitted
to us would virtually require hence, when
upon our declining to accept the terms
proposed by the commission of the coun-
Gil of foreign bondholders, they Informed
lis that we had their ultimatum. their last
word, and that they were unwilling TO con-
tinue negotiations except upon that basis.
This declaration on their part necessarily
terminated negotiations.
The committee believe they demonstrated
to the commission the insutliciency of our
available assets to pay annually the amount
of interest which they demanded. and
that their demands could only be complied
with by increasing the burdens OF taxa
ton upon the already toOheayily burdened
tax payers.
In reply to this. the Commission rejected
our estimates of receipts and disburse
ments, claiming that our receipts were
greater than we had shown them to be
thus discrediting our statements, which
were made from thol oughly reliable oflicia
documents) and that our appropriations tC
educational purposes, to our aSylumS for
the insane, and for our disablea soldiers
were excessive that these appropriations
ought to be reduced, and the amounts saved
by the reduction applied to the payment oil
interest due the bondholders. the great
body of whom are citizens of England.
The committee could not accept the ar
guments of the commission as sound OF
their conclusions as just.
Ina republic where the people are SOW
ereign-where power originates with anC
rests in the people, where all men are equa
before the law. and where the poorest may
vie with the richest for the highest place
of honor or profit. education is one Of the
main bulWarks. Hence, self-preservatior
and duty, interest and philanthropy demand
that educational facilities shall be PLACED
within the reach of all
Nothing but the hardness of. the times
the poverty of tax payers, and the scarcity
of money. justifies US in adhering, as WE
are doing, to the minimum sum dedicated
to public free schools by the constitution,
and we shall hail with pleasure the dawn
of such prosperity as will justify largely
increased appropriations for educational
purposes.
The commission also suggested a reduc-
tion IN appropriations to insane asylums
overlooking or ignoring the fact that out
side of the provision made for this unfor
tunate class in the several institutions OF
the State, hundreds of these poor dement,.
ed creatures are languishing in the uncom.
Portable jails of the various counties. de-
prived of proper medical skill and trained
nurses.
1t was shown to the commission that
the per capita expenditure in the asylums
compared most favorably with that of 9th
er States.
Rather than decrease the appropriations
your committee wished the condition OF
the State would permit larger locations TO
caring for these unfortunateS.
Another subject of expense complained
of. was what they called the eXtravagant
provision for manned and disabled soldiers
of the State.
RE-OPENING NEG CITATIONS.
Upon being notified that the joint com
mittea had resolved to report to the Gen
eral Assembly the failure and termination
of negotiations. the commission requested
the Joint committee to reopen negotia-
lions and submit another proposition
which they termed their minimum. y
This proposition was. in the opinion OF
the Joint committee, but little il any bet
ter than the one which they had rejected,
and was promptly declined. With the de-
clination of this last proposition OF the
commission, the joint committee submit
ted to them a counter proposition.
Upon receiving it the commission asked
a suspension of proceedings until they
could receive instructions from the coun-
Gil of foreign bondholders. This request
was granted. At the expiration of foul
days they informed the joint committee
that they were instructed to adhere to theil
last proposition.
Neither side having any proposition tc
submit, the joint committee Informed the
commission that they regarded all nego
tiations as finally ended, and would make
their llndl report 10 Iu0 UeHeIdl hSStiIlull
as soon as it could be completed.
The committee hereto append in consec
utive order statement showing the COM
parative condition of Virginia financially
in 1886 and 1886, the estimate made. by
the commission upon WHICH their first
proposition was based, and.containing SUB
stantially their proposition the reply OF
the committee to that proposition; the SEC
ond proposition made by the commission
and the reply of the committee thereto
the third proposition of the commission
which they termed their 'tultimatum. "
their 'last words" and the response OF
the committee thereto; the last propo
sition submitted by the commission, which
they termed their minimum, the reply
thereto by the committee, and the iina
communication from the commission.
And that the General Assembly may be
fully apprised Of all that passed between
the joint committee and the commission
of the council of foreign bondhoderss, til
full stenQgraphie report ls also hereto al
pended in 9qhgefi Hptl lyye order "
STATEMENT SHOWING TIL CoMPA RATIYE VALUE
IN 1860 AND 1886.
H4SGl'
| Value Of property, as shown by
the Auditors report of 1S50-60.. 81 Ola, $50 23
Assets Of the State, being her in
terest in public works. .......... 1887 1863
Of this sum $40, 057 ,SSi 90 was pro-
dividend f...,,......,........... 6S1.775 0